ChatterBank2 mins ago
my credit affect my wife ?
7 Answers
i am with abbey bank,,,my wife is also with abbey bank...if i owe abbey money and have gone way over my overdraft can the bank take this money out of my wifes account ?
Answers
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As others have already indicated, all bank accounts are entirely separate (unless you've actually signed up to an arrangement linking two accounts together).
I'm currently paying back a debt to Abbey (relating to a closed account) through a debt collection agency. At the same time I've got money in a separate (active) Abbey account. Abbey can't take money from that account to pay off the debt because they have no right to assume that the money held in my account is actually owned by me. (I might, for example, have opened an account in my name to hold money held for other people).
However, your wife's credit rating will almost certainly be affected by your debt. Credit reference agencies are entitled to assume a financial 'association' between husband and wife (and between other family members resident at the same address). If your wife applies for credit she may well find that it is refused because of your excessive overdraft.
Chris
I'm currently paying back a debt to Abbey (relating to a closed account) through a debt collection agency. At the same time I've got money in a separate (active) Abbey account. Abbey can't take money from that account to pay off the debt because they have no right to assume that the money held in my account is actually owned by me. (I might, for example, have opened an account in my name to hold money held for other people).
However, your wife's credit rating will almost certainly be affected by your debt. Credit reference agencies are entitled to assume a financial 'association' between husband and wife (and between other family members resident at the same address). If your wife applies for credit she may well find that it is refused because of your excessive overdraft.
Chris
Hi Chris,
I always understood banks usually had a set-off arrangement in their Ts and Cs so they had the right to take money from one account to cover another account belonging to the same party. Even Abbey have this term:
3.4.2 We also have the right to pay off or reduce any overdrawn balance on your current account by transferring funds from any other accounts you have with us (other than a mortgage account).
I always understood banks usually had a set-off arrangement in their Ts and Cs so they had the right to take money from one account to cover another account belonging to the same party. Even Abbey have this term:
3.4.2 We also have the right to pay off or reduce any overdrawn balance on your current account by transferring funds from any other accounts you have with us (other than a mortgage account).
That doesn't really address Chris's point though Ethel. It answers the original question but not what Chris is saying.
Chris says he has money in one Abbey account but is paying up an overdraft through debt collection on another one. factor30 says Abbey's terms and conditions allow them to take money from the one account to the other at their discretion (provided of course it's an account only in the name of the same customer). The two are contradictory unless the accounts Chirs has for whatever reason don't include that term?
Chris says he has money in one Abbey account but is paying up an overdraft through debt collection on another one. factor30 says Abbey's terms and conditions allow them to take money from the one account to the other at their discretion (provided of course it's an account only in the name of the same customer). The two are contradictory unless the accounts Chirs has for whatever reason don't include that term?
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